NZD/USD: Bearish Control Persists, Short-Term Recovery Hints Emerge

On the daily chart, indicators show oversold conditions, signaling potential for a rebound. However, the hourly chart suggests a gradual return of bullish sentiment, indicating a possible weakening of bearish momentum. Friday’s session saw NZD/USD slip just below 0.6000, affirming a bearish trend dominated by sellers. The pair remains positioned below key Simple Moving Averages (SMAs), reinforcing the bearish sentiment. Despite indications of strengthening selling pressure, oversold conditions on technical indicators may pave the way for a rebound in buying momentum.

Daily RSI for NZD/USD resides in negative territory, signaling a prevailing downtrend led by sellers. At 33, the RSI approaches oversold levels, hinting at potential corrective movement ahead. The MACD histogram on the daily chart shows increasing red bars, further confirming negative momentum.

Turning to the hourly chart, RSI levels echo a similar oversold scenario, with a reading of 28. However, the MACD displays rising green bars, suggesting a nascent positive momentum.

In summary, while the daily chart reflects sustained bearish momentum, hourly indications of a strengthening positive momentum in the MACD histogram may offer relief from selling pressure. With the pair positioned below key SMAs, the broader trend remains bearish.

NZD/USD